1. Age.
This is one very important aspect that you can afford to forget. Extremely old mobile homes can actually bar you from accessing the much needed financial aid from lenders. The homes manufactured before 1977 were mostly registered with DMV. Unfortunately these were not built to code. The problem you will face with this is that 1976 or older models normally attract a 20% down with the term not exceeding 15 years. The rate you will get lies between 11 and 12 percent. Of course this is quite a lot to pay. The 1977 or later models only require 10% down from you and the duration stretches to 20 years. The rate stands at between 1 and 2 percent lower. This presents you with a better deal compared to the older manufactured homes. The rates become even lower with newer homes.
2. Park.
The choice of park is a necessary consideration too. Whether you are out for the single wide manufactured homes or the double ones, first of all find out if it is actually approved by the lenders. You will be surprised to find that some parks are actually not approved. This means that they may not agree to finance you. Extremely high rents or numerous foreclosures in the park may discourage the lenders from pumping in their cash. Of course the fear is that the deal may not be a good one or that the business may not succeed meaning that they will be affected by the financial constraints you are likely to face. No one wants this.
3. Rent control.
It is necessary to find out whether rent control is or is not applicable here. If not, it would be wise for you to understand fully the yearly increase rate that will be imposed upon you. Sometime the increase may be minimal such that it doesn't really scare you. This means that even with an energy star manufactured home, it won't be any big bother to you when it comes to the payment of the same. However, one thing you need to remember is that the manufactured home is just like a car and also depreciates in value. Though the rent is increasing, the value of the home is going down. All the same it is still better than renting an apartment which is characteristic of people all around you: below, above, to the right, and to the left.
4. Crime.
Your security is far much important too. It is necessary for to find out whether the park has a good security program or not: that is in case it has any. How effective is this program? Is there a reputable patrol company that carries out regular patrols on, in and around the park or not. If no such security concerns are catered for, then it would be wise for you to stay away. Definitely you don't want to be attacked by some gangsters while enjoying your comfort. Contact the park attendant in order to find out all these things before purchasing the nice modular homes you have come across. The local police crime report may also be helpful.
5. Pets
Check out whether pets are allowed in the park and the policies regarding the same.
6. Costs
The cost of manufactured homes varies from company to company. Scan trough several and come up with a final choice that suits your budget and needs.
For more informations mobile homes, visit : manufactured home construction.
This is one very important aspect that you can afford to forget. Extremely old mobile homes can actually bar you from accessing the much needed financial aid from lenders. The homes manufactured before 1977 were mostly registered with DMV. Unfortunately these were not built to code. The problem you will face with this is that 1976 or older models normally attract a 20% down with the term not exceeding 15 years. The rate you will get lies between 11 and 12 percent. Of course this is quite a lot to pay. The 1977 or later models only require 10% down from you and the duration stretches to 20 years. The rate stands at between 1 and 2 percent lower. This presents you with a better deal compared to the older manufactured homes. The rates become even lower with newer homes.
2. Park.
The choice of park is a necessary consideration too. Whether you are out for the single wide manufactured homes or the double ones, first of all find out if it is actually approved by the lenders. You will be surprised to find that some parks are actually not approved. This means that they may not agree to finance you. Extremely high rents or numerous foreclosures in the park may discourage the lenders from pumping in their cash. Of course the fear is that the deal may not be a good one or that the business may not succeed meaning that they will be affected by the financial constraints you are likely to face. No one wants this.
3. Rent control.
It is necessary to find out whether rent control is or is not applicable here. If not, it would be wise for you to understand fully the yearly increase rate that will be imposed upon you. Sometime the increase may be minimal such that it doesn't really scare you. This means that even with an energy star manufactured home, it won't be any big bother to you when it comes to the payment of the same. However, one thing you need to remember is that the manufactured home is just like a car and also depreciates in value. Though the rent is increasing, the value of the home is going down. All the same it is still better than renting an apartment which is characteristic of people all around you: below, above, to the right, and to the left.
4. Crime.
Your security is far much important too. It is necessary for to find out whether the park has a good security program or not: that is in case it has any. How effective is this program? Is there a reputable patrol company that carries out regular patrols on, in and around the park or not. If no such security concerns are catered for, then it would be wise for you to stay away. Definitely you don't want to be attacked by some gangsters while enjoying your comfort. Contact the park attendant in order to find out all these things before purchasing the nice modular homes you have come across. The local police crime report may also be helpful.
5. Pets
Check out whether pets are allowed in the park and the policies regarding the same.
6. Costs
The cost of manufactured homes varies from company to company. Scan trough several and come up with a final choice that suits your budget and needs.
For more informations mobile homes, visit : manufactured home construction.
No comments:
Post a Comment